dogeking
2021-10-28
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Investors decipher inverted long end of U.S. yield curve<blockquote>投资者解读美国收益率曲线倒挂的长端</blockquote>
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The yield on the 20-year was last at 1.9700% and 30-year at 1.9693%.</p><p><blockquote>截至美国东部时间1052（格林威治标准时间1452），20S/30S利差为-0.27个基点，周三收于1.24个基点。20年期国债收益率最新为1.9700%，30年期国债收益率最新为1.9693%。</blockquote></p><p> SUBADRA RAJAPPA, HEAD OF U.S. RATES STRATEGY, SOCIETE GENERALE, NEW YORK</p><p><blockquote>SUBADRA RAJAPPA，纽约法国兴业银行美国利率策略主管</blockquote></p><p> “It’s really hard to read into the price action just from today. But broadly speaking, if there is a flight to quality or a rally, then in the back end (of the yield curve), the 30-year is going to be much more liquid than the 20-year. That’s kind of the liquidity premium that’s driving some of this inversion, if you will, between the 20-year and 30-year part of the curve.”</p><p><blockquote>“从今天开始，确实很难解读价格走势。但从广义上讲，如果出现向优质产品的逃亡或反弹，那么在（收益率曲线的）后端，30年期债券的流动性将比20年期债券高得多。如果你愿意的话，这就是推动20年期和30年期债券曲线部分倒挂的流动性溢价。”</blockquote></p><p> DAN BELTON, FIXED INCOME STRATEGIST, BMO CAPITAL, CHICAGO</p><p><blockquote>DAN BELTON，固定收益策略师，BMO CAPITAL，芝加哥</blockquote></p><p> “I would not take the 20/30-year yield inversion as a recession signal. The move has a strong technical component given that it is entirely far out the yield curve. Further, no other benchmark rates have inverted.”</p><p><blockquote>“我不会将20/30年期收益率倒挂视为衰退信号。鉴于它完全远离收益率曲线，此举具有很强的技术成分。此外，没有其他基准利率出现倒挂。”</blockquote></p><p> “On the other hand, it does broadly reflect the flatter yield curve to which the market has been pricing. This is due to expectations for swifter Fed action to choke off inflation. The market has priced a steeper rate hike path which has cause the entire yield curve to flatten, although not invert.”</p><p><blockquote>“另一方面，它确实广泛反映了市场定价的收益率曲线更加平坦。这是由于预期美联储将更快采取行动遏制通胀。市场定价了更陡峭的加息路径，这导致整个收益率曲线变平，尽管没有反转。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Investors decipher inverted long end of U.S. yield curve<blockquote>投资者解读美国收益率曲线倒挂的长端</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestors decipher inverted long end of U.S. yield curve<blockquote>投资者解读美国收益率曲线倒挂的长端</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-28 23:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK, Oct 28 (Reuters) - The yield on the U.S. 20-year bond on Thursday rose slightly above the 30-year bond yield for the first time, according to traders, a move that garners attention because of investor sensitivity to inverted yield curves that can be a harbinger of recession.</p><p><blockquote>路透纽约10月28日-据交易员称，美国20年期公债收益率周四首次升至略高于30年期公债收益率，此举引起关注，因为投资者对收益率曲线倒挂可能是经济衰退的先兆。</blockquote></p><p> At 1052 EDT (1452 GMT) the 20S/30S spread was -0.27 basis point, having ended Wednesday at 1.24 bp. The yield on the 20-year was last at 1.9700% and 30-year at 1.9693%.</p><p><blockquote>截至美国东部时间1052（格林威治标准时间1452），20S/30S利差为-0.27个基点，周三收于1.24个基点。20年期国债收益率最新为1.9700%，30年期国债收益率最新为1.9693%。</blockquote></p><p> SUBADRA RAJAPPA, HEAD OF U.S. RATES STRATEGY, SOCIETE GENERALE, NEW YORK</p><p><blockquote>SUBADRA RAJAPPA，纽约法国兴业银行美国利率策略主管</blockquote></p><p> “It’s really hard to read into the price action just from today. But broadly speaking, if there is a flight to quality or a rally, then in the back end (of the yield curve), the 30-year is going to be much more liquid than the 20-year. That’s kind of the liquidity premium that’s driving some of this inversion, if you will, between the 20-year and 30-year part of the curve.”</p><p><blockquote>“从今天开始，确实很难解读价格走势。但从广义上讲，如果出现向优质产品的逃亡或反弹，那么在（收益率曲线的）后端，30年期债券的流动性将比20年期债券高得多。如果你愿意的话，这就是推动20年期和30年期债券曲线部分倒挂的流动性溢价。”</blockquote></p><p> DAN BELTON, FIXED INCOME STRATEGIST, BMO CAPITAL, CHICAGO</p><p><blockquote>DAN BELTON，固定收益策略师，BMO CAPITAL，芝加哥</blockquote></p><p> “I would not take the 20/30-year yield inversion as a recession signal. The move has a strong technical component given that it is entirely far out the yield curve. Further, no other benchmark rates have inverted.”</p><p><blockquote>“我不会将20/30年期收益率倒挂视为衰退信号。鉴于它完全远离收益率曲线，此举具有很强的技术成分。此外，没有其他基准利率出现倒挂。”</blockquote></p><p> “On the other hand, it does broadly reflect the flatter yield curve to which the market has been pricing. This is due to expectations for swifter Fed action to choke off inflation. The market has priced a steeper rate hike path which has cause the entire yield curve to flatten, although not invert.”</p><p><blockquote>“另一方面，它确实广泛反映了市场定价的收益率曲线更加平坦。这是由于预期美联储将更快采取行动遏制通胀。市场定价了更陡峭的加息路径，这导致整个收益率曲线变平，尽管没有反转。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-bonds/quotes-investors-decipher-inverted-long-end-of-u-s-yield-curve-idUSL1N2RO21K\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-bonds/quotes-investors-decipher-inverted-long-end-of-u-s-yield-curve-idUSL1N2RO21K","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129950996","content_text":"NEW YORK, Oct 28 (Reuters) - The yield on the U.S. 20-year bond on Thursday rose slightly above the 30-year bond yield for the first time, according to traders, a move that garners attention because of investor sensitivity to inverted yield curves that can be a harbinger of recession.\nAt 1052 EDT (1452 GMT) the 20S/30S spread was -0.27 basis point, having ended Wednesday at 1.24 bp. The yield on the 20-year was last at 1.9700% and 30-year at 1.9693%.\nSUBADRA RAJAPPA, HEAD OF U.S. RATES STRATEGY, SOCIETE GENERALE, NEW YORK\n“It’s really hard to read into the price action just from today. But broadly speaking, if there is a flight to quality or a rally, then in the back end (of the yield curve), the 30-year is going to be much more liquid than the 20-year. That’s kind of the liquidity premium that’s driving some of this inversion, if you will, between the 20-year and 30-year part of the curve.”\nDAN BELTON, FIXED INCOME STRATEGIST, BMO CAPITAL, CHICAGO\n“I would not take the 20/30-year yield inversion as a recession signal. The move has a strong technical component given that it is entirely far out the yield curve. Further, no other benchmark rates have inverted.”\n“On the other hand, it does broadly reflect the flatter yield curve to which the market has been pricing. This is due to expectations for swifter Fed action to choke off inflation. The market has priced a steeper rate hike path which has cause the entire yield curve to flatten, although not invert.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":826,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/854856388"}
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